Property prices are constantly moving up and down.
Typically, house values appreciate in the long term.
But, in real estate there are no guarantees.
When your property appreciates you have a bigger asset to borrow against, and you'll generate a greater profit when you sell.
But how do you know what you're buying now will appreciate over time? Property values in Burlington go up and down for different reasons.
The most important factor is that you select a REALTOR® in Burlington who recognizes the factors that drive local prices.
The economy is believed to be the greatest factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and several other national factors have a noticeable influence on your house's value.
But the most influential factors that determine your home's value depend on the local Burlington economy and housing market.
Location in a community - Most people want homes in the areas with the best and most convenient amenities, like our jobs and schools.
So when it comes to retaining their value, these regions typically appreciate the best.
Recent sales - Your REALTOR® should provide you with information on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair combination of work in an area, or does it depend on just one industry?
All these play a role.
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